"Ex pat mortgages"

vaun222

My son is working with the UN and wishes to purchase a buy to let property. He is classified as an "ex pat" and as such must put down 30 per cent! He makes a really good salary but is only in the job a couple of years so this would wipe out all his savings and I worry that with property he should have a bit of security in the bank. Anyone know of any options? We live in Northern Ireland and he wants to buy here so his Dad and I manage it for him.

Techiescot

I can only give you the benefit of my experience, as I am not qualified to speak on this subject, but I lived and worked abroad for 25 years. As I always thought I was only going to be overseas for a year or two, I did nothing.

I wish I had bought a buy-to-let property when I went abroad on my first two year contract (1985) and had someone else paying the mortgage for it for those years I was away from home. When I came home for good (2004) I would have had a property which was a) worth a lot more than I bought it for and b) partly paid for by someone else and c) somewhere to live.

Saving in the bank are not accruing much interest and shares are relatively high so a good time to sell rather than buy them. I would say property is a good savings option.